Tag Archives: strategic planning

How do I: Get an extension of time to change a method of accounting?

A taxpayer changing its method of accounting must either request advance IRS consent or apply for automatic IRS consent on Form 3115, Application for Change in Accounting Method, to make the change. Automatic consent is more favorable because the taxpayer can request the change on its return filed after the...
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IRS offers guidance on taxation of phased retirement payments

Phased retirement has become an increasingly popular trend lately. Along with its increased use, however, a number of questions have arisen. The IRS recently has issued guidance for determining the taxable portion of payments made to an employee during phased retirement. The guidance explains whether the payments are “received as...
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June 2016 tax compliance calendar

June 2 Employers. Semi-weekly depositors must deposit employment taxes for May 25–27.  June 3 Employers. Semi-weekly depositors must deposit employment taxes for May 28–31.  June 8 Employers. Semi-weekly depositors must deposit employment taxes for Jun 1–3.  June 10 Employers. Semi-weekly depositors must deposit employment taxes for Jun 4–7. Employees who work for tips. Employees who...
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How do I? Determine a residential tax credit for solar panels

Individual taxpayers may claim a nonrefundable personal tax credit for qualified residential alternative energy expenditures. The residential alternative energy credit generally is equal to 30 percent of the cost of eligible solar water heaters, solar electricity equipment, fuel cell plants, small wind energy property, and geothermal heat pump property. After...
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